“Oil prices are down and earnings in some particular sectors look rough,” said Jasper Lawler, a London-based market analyst at CMC Markets Plc. “This creates some weak sentiment. There was a hope the banks could lead this earnings season and that hasn’t happened.”

The Stoxx 600 lost 2.1 percent at 4:33 p.m. in London. Anxiety about global growth has returned, after a two-week halt to the market selloff sparked by China’s slowdown and an oil rout. While central-bank optimism tempered losses toward the end of last month, the benchmark still had its worst start to a year since the financial crisis.

While a gauge of lenders, among this year’s worst performers, headed for its lowest level since 2012, some bucked the trend. Danske Bank A/S gained 4.1 percent after announcing a share buyback plan that’s almost double its previous program, while Raiffeisen Bank International AG gained 4.8 percent after reporting a higher profit than it had forecast.

Some stocks were active on deal activity. Syngenta AG added 3.7 percent after people familiar with the matter said China National Chemical Corp. is nearing an agreement to buy the Swiss pesticide maker.